The dREC Holder (as that expression is defined under the Deed of Acknowledgement and Undertaking (Deed)) from time to time owns all of the rights and benefits embedded in this dREC under and in accordance with the terms of the Deed. As holder of the dREC for the time being, the dREC Holder acknowledges and agrees that on completion of any subsequent transfer of the Subject Asset dREC (as defined in the Deed) by it to a third party transferee (Permitted Transferee), the dREC Holder automatically and simultaneously transfers all of its rights and benefits to the Subject Asset dREC under the Deed to the Permitted Transferee.